Now that RadioShack is presumably done with its executive shuffle, the electronics retailer’s new CEO, CMO and VP of store concepts are wasting no time in trying to get the company back into the minds of younger, hipper consumers. This week, the chain debuted a new logo and opened its first concept store in New York (above), a first-of-its-kind customer experience for the brand that it’s billing as an “interactive technology playground.”
According to the Dallas Business Journal, the Fort Worth, Texas-based chain plans to open several other concept stores in New York, New Jersey and Texas in the coming weeks before deciding on a new design to roll out to its entire footprint of 4,300 stores. The move comes at a critical juncture, as The Shack is in need of a serious revamp. It lost $63 million in the fourth quarter last year and $43.3 million in the first quarter of this year.[more]
The new logo unveiled with the concept store design simplifies the RadioShack text, placing it in lowercase in white against a rectangular dark background next to the famed off-center red “R” in a circle.
The new stores feature “newly configured displays highlighting in-demand brands” such as Apple and Samsung, “technology that makes shopping interesting and playful” such as touchscreens and apps, “helpful, informative Texpert staff,” and “store fixtures that enable shoppers to find and compare products,” according to a press release.
The stores’ messaging is also wooing Millennials with written calls to action such as “Rock It” (as seen on the concept store’s speaker wall, below, inviting shoppers to play tunes from their own Bluetooth-enabled mobile devices) or “Power It” and “Create It” (as seen on the store’s Facebook invitation to New Yorkers to check out the new store).
“I am very excited about this store, which brings the essence of our new ‘RadioShack: Let’s Play’ branding to the heart of Manhattan, and I am also thrilled about the support and very positive reactions of our neighbors,” stated CEO Joe Magnacca in the press release. “Our goal at RadioShack is to make our iconic brand relevant to new segments of the consumer market, while reinforcing our commitment to the strong and loyal base of customers who have known RadioShack for many years.”
More changes are in the works. The brand inked a five-year deal with the National Association of College Stores that will land RadioShack-branded products in 4,000 college bookstores while CMO Jennifer Warren has plans to play up the store’s relationship with DIY customers.